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HSBC Gold Credit Card Review

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This article was last updated Aug 07, 2018. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

Who the card is best for

The HSBC Gold Mastercard® credit card is good for people who have a balance on a high-interest card and are looking to transfer it to a card with a long 0% intro period. If you want to finance a large purchase, this card also offers a long intro period for you to take advantage of while you pay off your debt. People who occasionally miss a payment will benefit from the no-penalty APR feature, and one late-fee waiver per year.

This card isn’t for people who want to earn rewards since there is no rewards program. If rewards are your primary purpose, check out cash-back cards or rewards cards. Those who want to save the most money possible when completing their transfer may also look to other balance transfer cards that don’t charge a transfer fee.

Where this card stands out in its category

The HSBC Gold Mastercard® credit card offers a lengthy intro 0% for 18 months on balance transfers and intro 0% for 18 months on purchases. This is a longer rate than you typically find with balance transfer cards and can provide you with the time you need to rid yourself of debt. This card also comes with added perks, such as no-penalty APR and one late-fee waiver per year that may come in handy if you forget to pay your bill. Use the waiver as a reminder to make timely payments. Additionally, the HSBC Gold Mastercard® credit card has a lower APR range than competing cards at 12.49% - 20.49% Variable — helpful if you happen to carry a balance after the intro period.

Where this card falls short in its category

This card charges a balance transfer fee of either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check. Although transfer fees are typical of most balance transfer cards, you can find cards that offer $0 intro transfer fees, like Chase Slate®. However, these cards may have a shorter intro period. This card is also lacking in rewards, and although it’s a balance transfer card, there are competing cards that offer rewards.

Additional card benefits

The HSBC Gold Mastercard® credit card provides several additional card benefits on top of its 0% intro period:

  • Late-Fee Waiver: You receive one late-fee waiver each year if your payment is late. This is a good warning for those who may miss a payment.
  • No-Penalty APR: Don’t worry about your interest rate raising if you pay late — HSBC won’t raise your APR.
  • Identity Theft Resolution Services: HSBC will provide one-on-one support in the event your identity is stolen. Exclusions apply.
  • MasterAssist®: This allows you to access resources for pretrip planning assistance, help with lost luggage and more; ultimately facilitating your travel experience.

How to use it most effectively

To benefit most from the HSBC Gold Mastercard® credit card, transfer your balance as soon as possible. We recommend completing the transfer during the application process so you use as much of the intro period as possible. If you plan on financing a large purchase, make the purchase soon after account opening. Whether you did a transfer or made a large purchase, make frequent, on-time payments with the goal of paying off your debt before the intro period is over.

How to do a balance transfer with HSBC

Balance transfers can’t exceed your individual “Balance Transfer Limit,” which will be listed when you apply for a transfer. The limit will be for an amount that is less than your total available credit, so you will have enough available credit to cover any related fees.

To submit a balance transfer online, log into your account and click on your credit card account on the left hand side. Then click “View Details” toward the right, directly above the “Details” button. This will load a brand new page, where you can click “Services” on the left-hand side, and then “Balance Transfer”. Once you select your offer, fill in your transfer information and verify and submit your transfer request. Transfers may take up to two weeks to process.

To submit a balance transfer online, log into your account and click on your credit card account on the left hand side. Then click “View Details” toward the right, directly above the “Details” button. This will load a brand new page, where you can click “Services” on the left-hand side, and then “Balance Transfer”. Once you select your offer, fill in your transfer information and verify and submit your transfer request. Transfers may take up to two weeks to process.

Compare it with the Chase Slate® credit card

The HSBC Gold Mastercard® credit card and Chase Slate® differ in balance transfer fee, length of intro period and ongoing APR. The HSBC Gold Mastercard® credit card has a balance transfer fee of either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check. Meanwhile, Chase Slate® offers an Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. The intro transfer fee that Chase Slate® offers can potentially save you hundreds of dollars when completing your transfer. For example, if you transfer a $1,000 balance to the HSBC Gold Mastercard® credit card, you’ll be charged a $40 fee, while you won’t be charged anything when transferring to Chase Slate® (so long as you complete the transfer in 60 days from account opening).

However, Chase Slate® has a shorter intro period and a higher ongoing APR range than the HSBC Gold Mastercard® credit card. This can be troublesome if you need more time to complete your transfer and if you carry a balance once the intro period is over. But, if the intro period Chase Slate® offers is enough time to meet your needs, then this card can save you money on the pesky balance transfer fee. See below for a breakdown of the key elements of both cards.

HSBC Gold Mastercard® credit card Chase Slate®
Annual Fee $0 $0
Balance Transfer Intro Rate 0% for 18 months 0% Intro APR on Balance Transfers for 15 months
Balance Transfer Fee Either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check. Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater.
Ongoing APR 12.49% - 20.49% Variable 16.49% - 25.24% (Variable)
Transfer Period You can transfer your balance at anytime during the 18 months and benefit from the remainder of the intro period 60 days from account opening
Rewards N/A Non-rewards card

Bottom line

The HSBC Gold Mastercard® credit card is a good option for people who want a lengthy intro period to pay off debt from a balance transfer or large purchase. You’ll also enjoy a lower APR range than with other cards, helpful if you may carry a balance once the intro period is over.

The information related to the Chase Slate® has been independently collected by CompareCards and has not been reviewed or provided by the issuer of this card.


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